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Business Case: What remedies are available to the nonbreaching party?

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What remedies are available to the nonbreaching party?

It is important you understand the differences in the various types of damages. In Hadley v. Baxendale (1854), liquidated damages versus penalties, specific performance, mitigation of damages, compensatory damages and or punitive damages.

What are the difference between these or under what circumstances will they be awarded? Use examples to illustrate your points.

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Solution Summary

The precedent-setting case, Hadley v. Baxendale, is explained in terms of how damages can be calculated.

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Hadley v. Baxendale (1854) set the precedent for the law regarding recovering lost profits and is thus the leading case on remoteness of damage in contract. Our system of contract law in America is based on this case. The courts ruled that in order for damages for lost profits to be recovered in a breach of a contract case, they must have been contemplated by both parties to the contract at the time it was agreed to.

In this case the ...

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